CE Unterberg Towbin: Consolidation in the US is a positive move. We reiterate our “Buy” rating.
Rosetta Genomics Ltd. (Nasdaq:ROSG) is expanding its US operations with the relocation of CEO Amir Avniel from the company's headquarters in Rehovot to New York. The move is intended to facilitate the expected launch of the company’s first products, growth through partnerships and collaborations, and general corporate operations in the US. The company recently announced the expansion of its diagnostic pipeline and expects the first products to be launched in 2008.
Rosetta added that Avniel would assume the duties of Michael French, the president of its fully owned US subsidiary, Rosetta Genomics Inc., who is leaving the company.
In response to the move, CE Unterberg Towbin said, “We believe the move to consolidate operations in the US is a positive move as the company heads towards commercialization of the CUP assay.” The investment house reiterated its “Buy” rating and $12 target price for the share.
Published by Globes [online], Israel business news - www.globes.co.il - on August 12, 2007
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